Exam #2 Once you have completed the exam below, you must enter your answers in the Assignments section of Blackboard on the answer sheet provided. Your answer sheet is due by 5pm on Wednesday, Oct. 29, 2008; print or save your conformation page to verify that your exam was successfully submitted. If you have any clarification questions about the exam, please post a note on 01. The person in physical control of a company asset should A. have access to the accounting records for that asset. B. be someone outside the company. C. not have access to the accounting records for that asset. ………. . Lina, Kevin’s friend, Don……. . D. be an accountant. 02. How many of the following accounts would carryover its ending balance to the following year? Cash Capital Property Consulting revenue Wages expense A. 1 B. 2……… C. 3………. . Lina??, Kevin’s friend, Kevin’s cousin, Don……. .…kristy…. .……. . D. 4 E. 5 03. Edmond’s Incorporated purchased some new equipment for its corporate offices by making a small cash down payment and agreeing to pay the balance in 30 days. As a result of this transaction, A. total assets will decrease and total liabilities will decrease. B. total assets will decrease and total liabilities will increase…………. C. total assets will increase and total liabilities will decrease. D. total assets will increase and total liabilities will increase. ……. Lina, Kevin’s friend, Don…kristy…… E. total assets will increase and total expenses will increase. 04. Tracy Company’s bank statement showed an ending balance of $5,000. Items appearing in the bank reconciliation included (a) outstanding checks $500, (b) deposits in transit $1,000 (c) bank service charges $10 (d) interest earned $58 and (e) a check written by another company that was erroneously deducted from the company’s account by the bank for $110. What is the reconciled cash balance at the end of the month? Answe ……… Lina- 5610 if u add, . 5610-lina-from 2 sources,david-5610 ……henry-5610… … Don, Leslie = 5500, …………. other group-5610-at the FAC<<<<<<I PUT THIS Kevin’s friend= 5562, kevin’s cousin, steven wong …….kevin got this wrong? 05. A journal entry is not required for A. outstanding checks. ………. . Lina, Kevin’s friend, Don…kristy… other group .……. . B. collection of a note by the bank…….leslie……Emily…. . C.

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